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The beverages company reported earnings of $3.70 per share, $0.34 better than the analyst estimate of $3.36, while revenue for the quarter rose 7% YoY, coming in at $2.84 billion versus the consensus estimate of $2.82B.
The company said its beer business achieved strong net sales and operating income, each posting double-digit increases, while its wine and spirits business delivered a strong relative performance, driven by its largest higher-end wine brands.
STZ experienced continued strong demand across its high-end portfolio.
The company raised its fiscal 2024 reported EPS outlook to between $12 and $12.20, up from its previous expectation of between $11.70 and $12 per share.
